Old Kazakhstan in Retreat: The Fate of Nazarbayev’s Allies

The cases of Nazarbayev’s allies reveal a pattern that is both transformative and ambiguous

Since early 2022, the influence of the so-called “Old Kazakhstan” – the political and business circle that once surrounded former President Nursultan NAZARBAYEV – has been steadily eroded. Institutions have been reshaped, loyalties tested, and the once-untouchable elite has found itself under unprecedented scrutiny. Yet the names of Nazarbayev and his closest allies still surface regularly in courtrooms, parliament debates, and media headlines. Are these prosecutions and investigations an attempt to build President Kassym-Jomart TOKAYEV’s vision of a “Fair Kazakhstan,” or do they mark a new phase of elite score-settling under the banner of reform? The Times of Central Asia examined the fortunes of six figures from Nazarbayev’s inner circle to trace the shifting balance of power.

Nurbоl Nazarbayev

Recent headlines have revived scrutiny of Nazarbayev’s nephew Nurbоl NAZARBAYEV, the son of his late brother Bolat. Authorities have launched bankruptcy proceedings against him, citing debts of approximately 58 billion tenge ($107 million). His assets and bank accounts have been frozen, and he is subject to travel restrictions.

Under the current law, Nurbоl will be barred from taking out loans for five years, registering as an individual entrepreneur, or conducting major financial transactions without notifying the relevant authorities. His assets may be liquidated to repay creditors, with the exception of his primary residence.

Once listed as Kazakhstan’s 57th richest businessman by Forbes Kazakhstan, he held ownership stakes in Prime Capital Invest and Prime Capital Holding, was a co-owner of PLS Construction Company and PLS-TM, and the majority shareholder of the Almaty Heavy Machinery Plant.

This legal action follows a parliamentary inquiry into a previously sealed court case initiated by the General Prosecutor’s Office. The court ordered the confiscation of assets worth 57 billion tenge ($105.5 million) and imposed a fine of 925 million tenge ($1.7 million), along with penalties totaling 230.4 million tenge ($425,000). Members of parliament, Rinat ZAITOV and Ermurat BAPI, have both demanded transparency in the case.

Zaitov called for a comprehensive audit of Nurbоl’s assets, including those linked to the Altyn Orda market and land plots in Almaty and its surrounding areas. Shortly afterward, Bapi echoed the call, referencing a complaint from a Karaganda businessman who claimed his company was seized in a raid involving Nazarbayev’s circle. Bapi criticized law enforcement for closing the case, calling it “a betrayal of the President’s vision of a Fair Kazakhstan.”

Zhomart Ertayev

Zhomart ERTAYEV, a flamboyant banker once sentenced to 11 years for embezzling 144 billion tenge ($266 million) from Bank RBK, was unexpectedly released earlier this year under an amnesty, according to the Committee of the Penal System. However, a month later, parliament deputy Abzal KUSPAN announced that the court’s decision had been overturned, and a formal appeal to the Prosecutor General’s Office led to Ertayev’s re-arrest.

Ertayev previously held refugee status and a Russian residence permit, both of which were revoked after Kazakhstan issued an international warrant for his arrest.

Kairat Boranbayev

Kairat BORANBAYEV, a prominent businessman and former in-law of the Nazarbayev family, was arrested in 2022 and convicted the following year of large-scale embezzlement and money laundering. Initially sentenced to eight years in prison, he later had his sentence reduced to six years after voluntarily transferring several assets to the state.

In October 2023, Boranbayev was released from prison, with the remainder of his sentence replaced by a restricted-freedom order. Last week, he withdrew a petition for early release during an online hearing, a move likely motivated by caution amid renewed scrutiny of figures tied to the Nazarbayev era.

Marat Beketayev

Former Justice Minister Marat BEKETAYEV, long considered a loyal technocrat within the Nazarbayev administration, has come under scrutiny for alleged misuse of office during his 2016-2022 tenure. In mid-2024, the Anti-Corruption Agency confirmed that he was being investigated over the multi-billion tenge arbitration settlement with Moldovan investors Anatolie and Gabriel STATI – a case that cost Kazakhstan hundreds of millions in foreign courts.

Beketayev’s resignation in early 2022, officially for “personal reasons,” coincided with the January unrest and the first wave of dismissals among Nazarbayev-era officials. Analysts note that his case represents a shift in focus from oligarchs to bureaucrats once shielded by institutional loyalty. In July 2025, the authorities announced that Beketayev had been convicted on fraud and embezzlement charges and sentenced to nine years.

Kairat Satybaldy

Kairat SATYBALDY, the powerful nephew of the former president, became one of the most prominent figures targeted in the post-Nazarbayev crackdown. Arrested in March 2022 while attempting to leave the country, he was sentenced to six years in prison for embezzlement and abuse of power tied to Kazakhtelecom and the Transport Service Center. Prosecutors said substantial sums and assets were returned to the state as part of the proceedings.

Satybaldy’s case became emblematic of President Tokayev’s pledge to dismantle elite monopolies. The General Prosecutor’s Office has since opened further inquiries into his affiliated entities, including charitable and religious foundations. Despite his conviction, speculation persists that Satybaldy retains influence through proxies in business and religious circles.

Timur Kulibayev

Timur KULIBAYEV, the husband of Nazarbayev’s middle daughter, Dinara Kulibayeva, remains one of Kazakhstan’s wealthiest men despite stepping back from public life. Once a dominant figure in the Samruk-Kazyna sovereign wealth fund and former chairman of Atameken, the national business chamber, Kulibayev resigned from most official positions following the January 2022 protests.

Since then, he has kept a low profile while restructuring parts of his holdings in the energy and banking sectors, including interests in Halyk Bank. International investigations have examined his offshore wealth and property portfolio, including findings from the ICIJ’s Caspian Cabals project. While no domestic criminal case has been announced against Kulibayev, his reduced public visibility suggests a pragmatic adaptation to the post-unrest political order.

Navigating Kazakhstan’s Transition

Taken together, the cases of Nazarbayev’s allies reveal a pattern that is both transformative and ambiguous. Some have faced prison sentences and asset seizures, others negotiated reduced penalties through cooperation, while a few remain insulated but cautious, adapting quietly to the new political climate. The government presents these actions as part of a necessary break with monopolies and opaque practices of the past, while critics warn of selective justice and a lack of systemic transparency. What is clear is that Kazakhstan’s leadership is redrawing the country’s political and business map, piece by piece, and that the outcome will define the credibility of “New Kazakhstan” for years to come.

Image: TCA, Aleksandr Potolitsyn.

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